Virginia

Gingrich will be on Virginia’s primary ballot. Bachmann, Santorum, and Huntsman will not. Although is very difficult to secure a place on the Virginia ballot, it is, arguably, very difficult to consider someone who does not a serious candidate. Unless Bachmann, Santorum, or Huntsman enjoys an incredible run in the early states, it seems likely that they are effectively
out of the running.

As more information becomes available, a clearer picture of the relative strengths and weaknesses of the Gingrich campaign should emerge. If volunteers were principally responsible for securing his place on the ballot, then that would seem to speak to some real, dedicated support and resources he could draw on in both the primary and the general election. If paid operatives deserve the bulk of the credit, then doubts that Gingrich will have the money and organization required to garner the Republican nomination will presumably, and understandably, grow.

Morning Report

Morning Report

Vital Statistics:

Last Change Percent
S&P Futures 1243.8 7.5 0.61%
Eurostoxx Index 2274.1 29.700 1.32%
Oil (WTI) 99.5 0.830 0.84%
LIBOR 0.5738 0.003 0.44%
US Dollar Index (DXY) 80.003 0.004 0.01%
10 Year Govt Bond Yield 1.93% -0.04%

Markets are up slightly on very light volume (around 110 million shares as of 10:15). We had a slew of economic data this morning. 3Q GDP and personal consumption came in light, but jobless claims and leading economic indicators were better. The markets will probably focus on LEI, as it is forward looking and Q3 data is old news. University of Michigan Consumer Sentiment came in better than expected, but still shows that the consumer is in a foul mood.

Last, FHFA Hous Price index dropped in October by .2%. This index is pretty narrow – it only looks at conforming mortgages, but this is the center of gravity for the real estate market. It shows the Midwest outperforming the coasts.

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